Cable has run into resistance just shy of 1.9290 after lifting off six-day lows just shy of 1.9250. Those lows were plumbed on the back of heavy GBP/JPY selling inclusive of a US fund bailing out of his long GBP/JPY position (the same player has also reportedly closed out his AUD/JPY and USD/JPY long positions).
GBP/CHF has also fallen sharply, amid reports of decent model fund selling. 1.9290 was Friday's approximate post-NFP low. Resistance levels above include 1.9307 (earlier stall point), 1.9322 (today's Asian session base), 1.9343 (Friday's pre-NFP high), 1.9359 (last Wednesday's top), 1.9380 (today's Asian session peak), and 1.9433 (late European morning, one-week high).
Looking ahead: the RICS is slated to release its February UK house price survey at 00:01GMT. The size of January's UK trade deficit will be subsequently unveiled at 09:30GMT. Tomorrow's key US event risk is the 12:30GMT disclosure of February retail sales figures.
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